PCTEL Announces Results for First Quarter
Friday, May 08, 2020 | Comments

PCTEL announced its results for the first quarter ended March 31. The company had revenue of $17.5 million in the quarter, 15% lower compared with the first quarter 2019. Revenue was higher by 10% for the test and measurement product line but lower by 24% in the higher volume antenna product line compared with the first quarter 2019.

Gross profit margin was 46.9% in the first quarter, up 4.9% compared to the gross profit margin in the first quarter 2019. The percentage increase in the first quarter is a result of higher revenues for test and measurement products and an increase in the gross margin percentage for antenna products.

GAAP net loss per share was 4 cents per share in the first quarter compared to a GAAP net loss per share of 2 cents in the first quarter 2019.

The company had $38.3 million of cash and short-term investments and no debt at March 31 compared to $39.7 million and no debt at Dec. 31. During the first quarter, the company repurchased shares valued at $2 million pursuant to a share repurchase program that has been terminated.

“Our priorities during this COVID-19 pandemic are to keep our employees safe and to serve our customers in critical infrastructure markets,” said David Neumann, PCTEL’s CEO. “While first quarter revenue didn’t meet our financial plan, we are pleased with our record-setting scanning receiver revenue in the quarter. This result reinforces our belief that 5G will be a growth driver for several years. We are well positioned for the long term with our cost structure and competitive products that enable wireless connectivity for mission critical applications.”

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